The 30-year fixed-rate mortgage (FRM) averaged 4.78 percent this week, down from last week’s 4.83 percent, says Freddie Mac. Last year at this time, it was 5.97 percent. In April, it also reached 4.78 percent.

The 15-year FRM this week averaged 4.29 percent in comparison with 4.32 percent last week and 5.74 percent last year. The 15-year FRM has never been this low since Freddie Mac started tracking it in 1991.

The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) dipped to 4.18 percent from 4.25 percent. A year ago, it averaged 5.86 percent and hasn’t been so low since Freddie Mac started tracking it in 2005.

The one-year Treasury-indexed ARM was unchanged from the previous week at 4.35 percent but below the 5.18 percent rate one year earlier. The one-year ARM has not been so low since the week ending July 7, 2005, when it averaged 4.33 percent.

Given that it’s Thanksgiving (happy holiday!), you very likely overlooked an odd letter to the editor in the Home section of the New York Times.

In his comments, the owner of a Brooklyn real estate brokerage takes issue with an economic professor’s contention in a Nov. 5 article that the “Realtor has the incentive to start high to get a bigger commission. . . ” Continue reading →